Smartsheet Inc (NYSE:SMAR) COO Sells $97,891.00 in Stock

Smartsheet Inc (NYSE:SMAR) COO Stephen Robert Branstetter sold 1,847 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Stephen Robert Branstetter also recently made the following trade(s):

• On Thursday, July 18th, Stephen Robert Branstetter sold 2,004 shares of Smartsheet stock. The shares were sold at an average price of $48.00, for a total value of $96,192.00.
• On Friday, June 28th, Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock. The shares were sold at an average price of $44.42, for a total value of $189,762.24.

Smartsheet Trading Down 1.7 %

Shares of NYSE:SMAR traded down $0.91 during midday trading on Tuesday, reaching $51.78. The company had a trading volume of 2,560,412 shares, compared to its average volume of 1,511,353. The stock has a market cap of $7.16 billion, a P/E ratio of -83.51 and a beta of 0.74. The company’s 50 day moving average price is $47.95 and its 200 day moving average price is $42.92. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $54.50.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The firm had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the previous year, the company earned ($0.23) earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. Research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has initiated a share buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SMAR shares. Wells Fargo & Company boosted their price objective on Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, June 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. Canaccord Genuity Group boosted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. UBS Group raised their price target on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, Truist Financial boosted their price objective on Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Smartsheet presently has an average rating of “Moderate Buy” and a consensus price target of $55.06.

Institutional Trading of Smartsheet

Several hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Smartsheet in the 2nd quarter worth approximately $92,000. Sanctuary Advisors LLC purchased a new stake in shares of Smartsheet during the second quarter worth $1,122,000. Quarry LP boosted its holdings in shares of Smartsheet by 541.6% in the second quarter. Quarry LP now owns 7,218 shares of the company’s stock worth $318,000 after acquiring an additional 6,093 shares during the period. Clearline Capital LP grew its position in shares of Smartsheet by 145.5% in the second quarter. Clearline Capital LP now owns 207,906 shares of the company’s stock valued at $9,164,000 after purchasing an additional 123,204 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Smartsheet during the 2nd quarter valued at $6,400,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Company Profile

Smartsheet, Inc engages in managing and automating collaborative work. Its platform provides solutions that eliminate the obstacles to capturing information, including a familiar and intuitive spreadsheet interface as well as easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.